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Stockpickr) -- You know it's been a crazy month for stocks when yesterday's 0.07% decline in the
S&P 500 was one of the four biggest down days in May.
I, for one, don't necessarily think that's a bad thing. As breakneck as the market's pace has been this month, this rally has been nothing if not orderly -- I've been saying that since the S&P's uptrend started back in November. This week, as the broad market peeks up into overbought territory for the second time in this rally window, I think we're due for a correction. Just not necessarily a downward one.
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After all, the last time the S&P hit "overbought" on is
momentum gauge, the big index managed to keep its grasp on the top of its price channel for the next few weeks.
We're not exactly in uncharted territory here -- so why should this time be any different?
That's why, today, we'll take a technical look at
five stock trades that look attractive right now.
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For the unfamiliar,
technical analysis is a way for investors to quantify qualitative factors, such as investor psychology, based on a stock's price action and trends. Once the domain of cloistered trading teams on Wall Street, technicals can help top traders make consistently profitable trades and can aid fundamental investors in better planning their stock execution.
So, without further ado, let's take a look at
five technical setups worth trading now.
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